Pooling the cash

Australian credit card debt fell to its lowest level in 18 years in October, and we know why. That’s around the time merchant banker Richard Poole’s wife, Amanda, found out from ICAC she had earned nearly $6 million taxable income in 2011.

She never looked at her bank account, she told ICAC, because she only ever used credit cards. What a relief to know she can now pay cash.

Amanda explained that Richard put all his share transactions through her account in her name.

Richard didn’t get around to telling ICAC why he did this. Regardless, if you were planning a takeover bid, it’s reassuring to know that any unrelated innocuous share trading by your adviser at the same time won’t be in his name.